Rent the Runway, a platform that rents designer collections for anything
from a single wear to several months, has secured a 20 million dollar
investment from Alibaba CEO Jack Ma and Joe Thai.

The investment comes via a multi billion-dollar fund from investment
vehicle Blue Pool Capital, valuing Rent the Runway at a near 800 million
dollars.

The platform previously raised 60 million dollars in a Series E round in
2016 and is reportedly at its biggest growth stage yet.

Rent the Runway was founded in 2009 renting catwalk dresses to people for
special events for an affordable price. Since then the company has evolved
its strategy to include daywear, letting users rent their wardrobes to
other users as well as the option to buy clothes at a special price.

In a statement to TechCrunch, Rent the Runway CEO Jennifer Hyman said,
“Over time, we have been fortunate to build a great relationship with the
Blue Pool team, and I am delighted to have such forward-thinking business
leaders behind Rent the Runway as we embark on our biggest growth stage
yet.”